Rochester Minnesota Housing Market Conditions – Monday Morning Market Update

The Rochester area real estate market slowed down a lot last week, presumably as home buyers took a break for Labor Day weekend. Just 15 homes went under contract with only 8 closings in Rochester, Minnesota last week (September 2-8, 2011), a drop of 25% and 62% respectively compared to a year ago. Total active listings for the week were also down nearly one-fourth from last year.

The 39 new residential listings had an average asking price of $188,880. The 15 Rochester area  homes going under contract had an average list price of $147,381 and an average market time of 94 days.

Rochester’s 8 residential closings last week had an average sold price of $138,700, 96.2% of the asking price and just 86.5% of the original list price. These properties averaged 108 days on the market.

There are currently 878 active residential listings in Rochester, Minnesota. These homes for sale have an average asking price of $207,713 and an average market time of 162 days.

To view this past week’s area real estate activity, click here for new listings and click here for pended listings.

Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota

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